Distinctive Types Of Life Insurance Plans in India You Need to Know

1
Distinctive Types Of Life Insurance Plans in
India You Need to Know
If you are worried about your family's financial
well-being in case of your ill-timed demise,
it's not too late to get into some real action.
One of the wisest things that you can do is get
the Best Life Insurance Policy. When you
2
look online, you will stumble upon several Types
Of Life Insurance plans in India. Choosing the
best one is a critical financial decision, as it
can break or make your financial health.
Nevertheless, many folks may not be
well-acquainted with the types of life insurance
policies accessible in India and how they impact
your financial health. Types Of Life Insurance
Term Insurance Plan Unquestionably, it is the
most longed-for type of life insurance policy in
India that you can purchase for a specific
period of 10, 20, 30, or more years. Contrary to
other types of life insurance policies, term
insurance does not offer maturity benefits. Thus,
it's viewed as the best insurance policy in
India and is
3
relatively cheaper than other types of life
insurance plans. Term Insurance with Return of
Premium If you follow a healthy lifestyle, the
likelihood that you will outlast the best
insurance policy in India you have bought also
augments. Consequently, term insurance with a
return of premium transforms into one of the best
insurance policy in India, which also deliver
maturity benefits. It is one of the types of
term insurance plans that returns all the paid
premiums if you outlive the policy term. Unit
Linked Insurance Plan (ULIP) A ULIP is another
type of life insurance policy available in
India that offer coverage and let you reinforce yo
ur financial health. It aims to render life cover
along with investment opportunities. It entails
a lock-in period of
4
five years, which turns it into a long-term
investment instrument that incorporates risk
protection. Investing in ULIPs also permits you
to arrange your funds as per the market's
performance. Endowment Policy Endowment policies
are one of the types of life insurance policies
that are designed to deliver the dual benefits of
life insurance and savings. Moreover, these
types of life insurance policies assist you to
save money regularly for a specific period that
you will receive as a lump sum at
maturity. Moneyback Policy Contrary to other
types of life insurance plans that do not offer
any returns till maturity, a moneyback
policy reimburses a share of the assured sum
throughout the policy term. It addresses the
problem of liquidity.
5
Whole Life Insurance Whole life insurance
proffers insurance coverage to the policyholder
for the whole life up to 100 years of age. In
the event of the premature demise of an insured
person, a nominee will be eligible to get the
death benefit. And, if you cross 100 years of
age., you are entitled to receive a maturity
benefit. Another mind-blowing feature is that
some come with the option to pay a premium for
the first 10-15 years while you enjoy the
benefits for your whole life. Group Life
Insurance This insurance policy covers a group of
people under one superior policy. These types of
life insurance plans are usually provided as one
of the employment perks. In
6
such plans, you will get insurance coverage if
you remain a part of the group. Child
Insurance Plans A child insurance plan will
support your journey of wealth creation for your
childs future needs such as higher education,
wedding, and more. It is advised to start
investing in these plans from the birth of your
child so that you can give them a cheerful
future. Policyholders relish the flexibility of
investing their money into multiple
funds. Retirement Plans Retirement Plans are
curated to offer financial safety and assist you
build a financial corpus after your retirement.
It will help you get a sum of money as a pension
in the vesting period.
7
In the event of your ill-fated death, if the
policy is still in force, your nominee will be
eligible to receive the death benefits.
Retirement Plans present death benefits along
with vesting benefits, hence, delivering
protection to you and your dependents. How to
Buy an Ideal Insurance Plan Hassle-free? Now, you
are well aware of the diversified type of life
insurance policies, its time to move to the
important part- how to buy a perfect insurance
plan. These days, its convenient if you choose
to buy a Life Insurance plan online. It will
help you save time and many insurance providers
offer discounts on online purchases. Compare
Buy the Best Life Insurance Plan with just a
Click One cannot negate the importance of life
insurance, particularly in todays time where
uncertainties
8
constantly take over human lives.
Before you move
ahead, make sure to assess your requirements and
choose a plan that doesnt make you struggle with
a budget crunch. Compare various life insurance
plans available online to find the most
sought-after plan that will work for
you. Conclusion Dont let uncertainties make
you and your loved ones lives miserable. Buy
the best life insurance policy online and put a
foot forward to filling your dependents future
with happiness and peace of mind. Source
Distinctive Types Of Life Insurance Plans in
India You Need to Know